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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, November 5, 2002, Vol. 5, No. 219

                         Headlines

A U S T R A L I A

AMP LIMITED: Warns Shareholders of Market Speculator
CIL HOLDINGS: Pending Wind Up Petition Update Causes Suspension
COLES MYER: Lew Belittles Akopiantz's 15-year 'Experience'
KNIGHTSBRIDGE FINANCE: Wind-up of Investment Schemes Affirmed
LIQUORSPOT LTD.: Unsecured Creditors Up for Big Disappointment


C H I N A   &   H O N G  K O N G

CHI LIK: Petition Seeking Wind Up To Be Heard November 27
FAITAT HIGH: Petition Seeking Wind Up To Be Heard November 27
FIRST ELECTRONICS: December Hearing on Wind Up Petition Set
FORCEWAY INDUSTRIAL: HK Court to Hear Wind Up Petition Dec. 18
JZ REGENCY: Hearing on Wind Up Petition Set for November 13

LOYALUCK LIMITED: Wind Up Petition To Be Heard December 11
MONO-GRAPHIC ENGINEERING: Wind Up Suit To Be Heard Nov. 27
WAI HO: HK High Court to Hear Wind Up Petition on November 20


I N D O N E S I A

BANK DANAMON: To Tie Up with Property Developers, Auto Dealers
BANK NEGARA: US$75 Million Issue Rated 'CCC' on S&P's Board


J A P A N

DAIEI INC.: Ties Up With Yamada Denki
FOODSNET CORPORATION: Sushi Bar Chain Goes Bankrupt
FUJITSU LIMITED: Discloses H102 Financial Results
KAWAI MUSICAL: Golf Course Unit Files For Court Protection
MATSUSHITA ELECTRIC: Reveals 2Q02 Financial Results

MAZDA MOTOR: Plans to Reorganize Domestic Dealer Network
MITSUBISHI CHEMICAL: Transfers Printing Business to KPG
MITSUBISHI ELECTRIC: Closing Frech Chip Plant on Restructuring
NEC CORPORATION: Unit Commences Operation
NEC CORPORATION: Posts Notice of Changes in Subsidiary

NIPPON TELEGRAPH: Implements Voluntary Action Plan
NISSEKI HOUSE: Ailing House Builder Files For Court Protection
SOGO CO.: Isetan May Acquire Outlet in Kyushu
VICTOR CO.: Returns to Profit


K O R E A

HYNIX SEMICONDUCTOR: Details Re Capital Reduction Plan
HYNIX SEMICONDUCTOR: Aims to Raise Prices For DDR Chips
HYNIX SEMICONDUCTOR: Develops 512 Mega DDR SDRAM  
SEOUL BANK: CEO Resigns Ahead of Merger


M A L A Y S I A

KEMAYAN CORPORATION: Proposes Sale, Purchase Agreements
RHB CAPITAL: Completes Issuance of RHB Capital Bonds
SISTEM TELEVISYEN: Keeps Positive Outlook Despite RM16 MM Loss


P H I L I P P I N E S

BENPRES HOLDINGS: AIF Notice to Acquire Shares in Bayantel
NATIONAL POWER: Cutting Cost by $350M
NATIONAL POWER: Exchange Offer For Outstanding Bonds
PHILIPPINE LONG: FistPac Terminates MOA With Gokongwei Group
PHILIPPINE LONG: PhilRatings Gives PRS 1 Rating to STCP's

PHILIPPINE LONG: Clarifies Report to Sell 15% Stake in US Firm
PHILIPPINE LONG: Clarifies Predatory Pricing Report
PHILIPPINE LONG: Expects 3Q02 P1.52B Profit
PHILIPPINE LONG: Files Dismissal Complaints Against FirstPac


S I N G A P O R E

ASIA PULP: Export-Import Bank Joins Debt Plan
ISOFTEL LTD: Post Notice of Shareholder's Interest
KIM ENG: Unit Enters Voluntary Liquidation
PANPAC MEDIA.COM: Settles Equity Exchange Deal With CCC
PRESSCRETE HOLDINGS: Discloses Debt Repayment Update

L&M GROUP: EGM Set on November 22
TELEDATA LIMITED: Completes Rights Issue

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Warns Shareholders of Market Speculator
----------------------------------------------------
AMP Limited cautions shareholders to check first the company's
official share price before accepting off-market offers.

The company has received information that David Tweed, a market
speculator targeting companies experiencing share price
volatility, has offered to buy AMP shares at AU$7.50 each.

According to The Age newspaper, Mr. Tweed, through his West
Melbourne company National Exchange, has written AMP
shareholders lately, seeking their shares, which have been
trading above AU$10.

The paper says Mr. Tweed has issued optimistic offers to most of
Australia's demutualized companies this year.   Another of his
companies, Country Estate, ended up as OFM Investment Group's
third-largest shareholder by buying up shares before the former
Over Fifties Mutual listed in March.  He has offered to buy IOOF
shares since the company demutualized in June.

Mr. Tweed has also set his sights on Insurance Australia Group,
which is the former demutualized NRMA, and AXA Asia, which
bought the former mutual National Mutual.

Mutuals give their members shares in the demutualized company
before it lists on the stock exchange.  Former mutuals are,
therefore, characterized by their large pool of retail
shareholders, many of whom may have collected shares for the
first time and forgotten to track the share price.

"It is important that shareholders always check the current
trading price of AMP shares as well as consult an independent
financial adviser before selling their shares," Andrew Mohl, the
new AMP chief executive, said in a statement Sunday.

The Australian Securities and Investments Commission has posted
a warning on its Web site about unsolicited offers, but remains
unable to stop Mr. Tweed making the offers, although it is
believed he has been forced to include more information to
shareholders, the paper says.


CIL HOLDINGS: Pending Wind Up Petition Update Causes Suspension
---------------------------------------------------------------
The Hong Kong Stock Exchange indefinitely suspended trading of
CIL Holdings Ltd shares beginning Monday due to a pending
announcement pertaining to the outcome of a winding up petition
filed against it.  CIL last traded at HK$0.02, the stock
exchange said.

In an interim report on July 19, 2002, the company said that it
had entered into a subscription agreement with Trade Honour
Limited (the subscriber) and Mr. Ke Jun Xiang (the Guarantor)
pursuant to which the Subscriber had conditionally agreed to
subscribe for 3,500,000,000 new shares of the company for a
subscription price of HK$0.01 per new shares for an aggregate
amount of HK$35,000,000.  

According to the report, the proceeds from the subscription will
be utilized to settle the amount required for a propose scheme
of arrangement of the creditor of the company.  The scheme
includes, among other things, settlement of existing
indebtedness of the company by the issue of new shares at an
issue price of HK$0.05 each or by the payment of cash at a ratio
of approximately 13.88% for each dollar owed by the company.  

Total indebtedness of the group is HK$318 million and all
indebtedness are due within one year.  As of the balance sheet
date (December 2001), the group had net current liabilities of
approximately HK$153 million and total liabilities to equity
ratio of approximately 3.75 times.  The management is in
negotiation with all the creditors of the company for a
settlement proposal but no agreement has been reached yet.  

It is believed that the company is seeking legal advice and
negotiating with certain creditors and debtors for a legal off
of certain receivables against loans and payables.  The company
is also seeking long-term equity finance should an opportunity
arise.

CIL Holdings Limited's principal activities are the provision of
interior decoration and renovation services, building
construction, electrical and mechanical engineering, trading of
building and interior decoration materials. The Group also
develops and sells computer component, hardware and software and
other electrical parts and equipment.

Other activities include property development, investment
holding and manufacturing of multi-media products. Trading of
multi-media and communication products accounted for 87% of
fiscal 2001 revenues and interior decoration materials, 13%, a
Wrights Investor's dossier says.


COLES MYER: Lew Belittles Akopiantz's 15-year 'Experience'
----------------------------------------------------------
Solomon Lew on Sunday picked on Patty Akopiantz who appeared
earlier on ABC's Inside Business, ostensibly to rally support
for Coles Myer CEO John Fletcher.

Ms. Akopiantz, a member of the "gang of eight" directors opposed
to the re-election Mr. Lew, harped on the TV show that she
brings with her 15 years of retailing experience and that the
company could do without Mr. Lew.

Mr. Lew, the longest serving company director, has claimed that
the board is booting him out because of his opposition to key
issues.  He had also claimed that his continued stay in the
board is imperative if the company wants to recover from its
present slump.

Ms. Akopiantz said she had more than 15 years experience in
retail working as a supplier to retailers, a senior marketing
executive as well as a consultant to major retailers.

"What I bring to Coles Myer is strategic and analytic insight,"
she said.  "I bring a deep understanding of consumer and
marketing issues.  I bring an understanding of what are the
drivers of retail so that I can ask the right questions and I
bring an enormous passion to this business."

Mr. Lew, however, pointed out that Ms. Akopiantz did not make
any reference to TheSpot, her most recent retail position.

"This business no longer exists," Mr. Lew said. "It was a failed
online retailer which took $12 million from investors and failed
after 14 months.  When investors would not contribute further
funds, its operations ceased and some of its technology was sold
to David Jones."

He said Coles Myer is a AU$26 billion retail conglomerate. "I do
not believe Coles Myer shareholders should have any confidence
in the level of real retail experience and knowledge around the
board table, if I were not to be re-elected," he said.

"Given the CEO's lack of retail experience, I firmly believe
this to be a matter of fundamental importance for shareholders,"
he added.

The paper says Mr. Lew has gone on an extensive campaign,
including TV, radio and newspaper advertisements as well as
direct mailing and phone polling shareholders to press his case
for re-election.

He is the biggest shareholder in Coles Myer with a 7.4 percent
stake.


KNIGHTSBRIDGE FINANCE: Wind-up of Investment Schemes Affirmed
-------------------------------------------------------------
The Supreme Court of Western Australia upheld Friday a decision
made by the WA Supreme Court on December 13, 2001, that 30
mortgage investment schemes managed by former WA finance broker
Knightsbridge Finance Pty Ltd be wound up.

The three judges of the Full Court of the WA Supreme Court
agreed that there were no grounds to support overturning Mr.
Justice Pullin's decision.

"This decision assures the certainty of the returns for
investors of Knightsbridge Finance, and also supports ASIC's
view that the business of the manager of a number of managed
investment schemes may itself constitute a scheme," ASIC's
Executive Director, Financial Services Regulation, Ian Johnston
said.

Knightsbridge Finance Pty Ltd (Knightsbridge Finance), a
mortgage broking and management business, collapsed in early
2001.  The company was one of the largest mortgage brokers and
mortgage investment managers in WA until it appointed a
voluntary administrator on January 29, 2001.

Knightsbridge Finance (formerly Clifton Partners Finance Pty
Ltd) managed a mortgage investment scheme known as the
Knightsbridge Finance Mortgage Scheme.  This scheme was
registered with ASIC as required under the law, however the
company also managed 29 other unregistered mortgage investment
schemes.

On behalf of the company's investors, who were mainly WA
retirees, ASIC applied to the WA Supreme Court on March 14, 2001
seeking orders that the 30 schemes be wound up.  Mr. Justice
Pullin of the WA Supreme Court made those orders on December 13,
2001.

At that time, almost $21 million was invested in the
Knightsbridge Finance mortgage schemes. The ASIC-registered
managed investment scheme involved 90 investors and was secured
by 8 mortgages.  The 29 other mortgage syndicates involved 201
investors.

John Carrello, a liquidator and Perth partner of PKF, a
chartered accounting firm, was appointed to wind up the schemes.
Mr. Carello was previously the voluntary administrator to
Knightsbridge Finance, and was also appointed liquidator of
Knightsbridge Finance on May 15, 2001, and Knightsbridge Managed
Funds Ltd, the company that was legally responsible for the
registered scheme.


LIQUORSPOT LTD.: Unsecured Creditors Up for Big Disappointment
--------------------------------------------------------------  
Unsecured creditors of failed Liquorspot Limited are expected to
receive less than 25 cents on the dollar come November 14, when
the group will hand out final dividends, says The West
Australian.

Although liquidator Chris Williamson refuses to give an
estimated dividend for creditors, rumors abound that there
aren't enough money left to go around.

Hall Chadwick, the accounting firm where Mr. Williamson works,
has estimated claims from unsecured creditors to include a
liability to Westralia Airports of AU$1.9 million over
Liquorspot's inability to continue payments on a long-running
lease at the airport.  The Australian Taxation Office is listed
as the biggest other creditor with claims totaling $456,045 from
GST and wine equalization tax collections, the paper says.

Liquorspot was set up two years ago with the grand aim of
challenging the leading position enjoyed by Australian Liquor
Marketers in the West Australian wholesale market.  Liquorspot's
directors included top commercial lawyer Neil Fearis, Heytesbury
Holdings chairman Alec Mairs and hospitality industry veteran
Ernie Johnson.

Liquorspot's chairman and director until about six weeks before
its collapse was veteran Channel Seven presenter Jeff Newman, a
long-time friend of Mr. Johnson's, the paper says.  Its managing
director was former Australian Liquor Marketers State manager
Wayne Carew-Reid, who was seen to have the industry know-how to
take on the major market player.

The company fell into administration on March 14 last year.  
This came after a spate of resignations from its board that
started with Mr. Mairs on February 2 last year, followed by Mr.
Newman on February 9, then Mr. Carew-Reid and finally Mr.
Fearis.

The company, incorporated in February 2000 in the final weeks of
the dot.com boom as Liquorspot.com, was to have combined
conventional wholesaling with an Internet-based ordering system,
the paper says.

Mr. Fearis said he and Mr Mairs had been with the group to bring
their experience to a listed company but the planned float had
been affected by adverse conditions in financial markets.  He
resigned because the prospect of a float was receding into the
distance and the business was chronically undercapitalized.

It could have proceeded with the support of its shareholders but
they later took the commercial decision to not continue funding
the business, the former director told the paper.



================================
C H I N A   &   H O N G  K O N G
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CHI LIK: Petition Seeking Wind Up To Be Heard November 27
---------------------------------------------------------
The High Court of Hong Kong will hear on November 27, 2002 at
9:30 in the morning the petition seeking the wind up of Chi Lik
Window Works Company Limited.

Bordon Construction Company Limited whose registered office is
located at 9th Floor, Central Building, Pedder Street, Hong Kong
lodged the petition on September 24, 2002.  The petitioner is
represented by the law firm Deacons.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing the Deacons, which holds
office at 3rd-7th, 18th and 29th Floors Alexandra House,
Central, Hong Kong.


FAITAT HIGH: Petition Seeking Wind Up To Be Heard November 27
-------------------------------------------------------------
The High Court of Hong Kong will hear on November 27, 2002 at
9:30 in the morning the petition seeking the wind up of Faitat
High Fashion Limited.

Yeung Wan Mui of Room 1407, Tak Chak House, Hau Tak Estate,
Tseung Kwan O, New Territories, Hong Kong brought the petition
on September 20, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Tam Lee Po Lin, Nina, which
holds office at the 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.


FIRST ELECTRONICS: December Hearing on Wind Up Petition Set
-----------------------------------------------------------
The wind up petition filed against The First Electronics Limited
will be heard before the High Court of Hong Kong on December 18,
2002 at 9:30 in the morning.

Yu Mo Ching of Flat F, 19th Floor, Block B, Shaukeiwan Centre, 7
Factory Street, Shaukeiwan, Hong Kong brought the petition on
October 16, 2002.  Chau & Associates represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in the writing Chau &
Associates, which holds office at Room 502, 5th Floor Takshing
House, 20 Des Voeux Road, Central, Hong Kong.


FORCEWAY INDUSTRIAL: HK Court to Hear Wind Up Petition Dec. 18
--------------------------------------------------------------
The wind up petition filed against Forceway Industrial Limited
is scheduled for hearing before the High Court of Hong Kong on
December 18, 2002 at 9:30 in the morning.

Fung, Wong, Ng & Lam of Room 8, 4th Floor, New Henry House, 10
Ice House Street, Central, Hong Kong brought the petition on
October 21, 2002.  Messrs. Fung, Wong, Ng & Lam represents the
petitioner.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Messrs. Fung, Wong, Ng &
Lam, which holds office at Room 8, 4th Floor, New Henry House,
10 Ice House Street, Central, Hong Kong.


JZ REGENCY: Hearing on Wind Up Petition Set for November 13
-----------------------------------------------------------
A petition seeking the wind up of JZ Regency International Hotel
Limited is scheduled for hearing before the High Court of Hong
Kong on November 13, 2002 at 10:30 in the morning.

Guangzhou Finance Company Limited whose registered office is
located at 17A, Yue Xiu Building, 160-174 Lockhart Road,
Wanchai, Hong Kong brought the petition on September 5, 2002.  
Chiu & Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Chiu &
Partners, which holds office at the 41st Floor, Jardine House 1
Connaught Place, Hong Kong.


LOYALUCK LIMITED: Wind Up Petition To Be Heard December 11
----------------------------------------------------------
The High Court of Hong Kong will hear on December 11, 2002 at
9:30 in the morning the petition seeking the wind up of Loyaluck
Limited.

Bank of China (Hong Kong) Limited (the successor corporation to
The China State Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong brought the
petition on October 4, 2002.  Tsang, Chan & Wong represents the
petitioner.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Tsang, Chan & Wong, which
holds office at the 16th Floor, Wing On House, 71 Des Voeux
Road, Central, Hong Kong.


MONO-GRAPHIC ENGINEERING: Wind Up Suit To Be Heard Nov. 27
----------------------------------------------------------
A petition seeking the wind up of Mono-graphic Engineering
Company Limited is scheduled for hearing before the High Court
of Hong Kong on November 27, 2002 at 9:30 in the morning.

Woo Wai Kui of Flat K, 3/F., Block B, Yan Lok Building, 4-12 Lin
Shing Road, Chai Wan, Hong Kong brought the petition on
September 23, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Tam Lee Po Lin, Nina, which
holds office at the 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.


WAI HO: HK High Court to Hear Wind Up Petition on November 20
-------------------------------------------------------------
A petition seeking the wind up Wai Ho Holdings Limited has been
scheduled for hearing before the High Court of Hong Kong on
November 20, 2002 at 9:30 in the morning.

Bank of China (Hong Kong) Limited (the successor corporation to
The China State Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong brought the
petition on September 16, 2002.  Tsang, Chan & Wong represents
the petitioner.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Tsang, Chan & Wong, which
holds office at the 16th Floor, Wing On House, 71 Des Voeux
Road, Central, Hong Kong.



=================
I N D O N E S I A
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BANK DANAMON: To Tie Up with Property Developers, Auto Dealers
--------------------------------------------------------------
PT Bank Danamon has set its sight on offering new loans tied to
offers by property developers and automobile distributors in
order to lessen its reliance on bonds received in a bailout
three years ago.

According to Bloomberg, Danamon is aiming to reduce bailout
bonds from 55 percent of interest-bearing assets to about 20
percent by 2004 and it will do this by taking advantage of a
revival in demand for loans in Indonesia, where the economy is
set to grow 4 percent next year.

The news agency says Indonesian banks dependent on the bailout
bonds are under pressure to show they can win new lending
business.  Accordingly, investors are wary of the nation's
banks, most of which were seized in the 1997-1998 Asian
financial crisis and which count on payments from the bonds for
most of their income.

Danamon has had success in expanding its loan portfolio.  
Recently, it accounted for 32 percent of interest bearing assets
at the end of September, up from 17 percent in 2001, Bloomberg
said.  Net income rose 13 percent to 411 billion rupiah ($44.6
million) for the first half of the year.

Danamon is 99 percent owned by the government as a result of the
bailout, in which it received 29 trillion rupiah of interest-
bearing bailout bonds in May 1999 after the Asian crisis
triggered bankruptcies and defaults across the nation of 220
million people.  The Indonesian Bank Restructuring Agency, which
sold majority stakes in PT Bank Central Asia and PT Bank Niaga,
wants to sell a 71 percent stake in the bank by the end of the
year.

If successful, the sale would make Danamon the third Indonesian
lender to be sold this year, the news agency said.


BANK NEGARA: US$75 Million Issue Rated 'CCC' on S&P's Board
-----------------------------------------------------------
Standard & Poor's Ratings Services yesterday rated triple-'C'
the proposed US$75 million subordinated note issue by
Indonesia's P.T. Bank Negara Indonesia due 2012.

Citing the rating agency's press statement, Reuters says the
rating was based on the issue's subordinate ranking to all of
the bank's senior unsecured debt, which includes existing debt
of US$145 million due 2007 ('B-').

The issue will, however, rank pari passu with all of the bank's
future unsecured and subordinated debt.  The issuer retains an
option to redeem the notes in whole, but not in part, in 2007,
the news agency said.   The bank also may redeem the notes at
any time, in full, but not in part, in the event of changes in
the taxation laws in Indonesia or Hong Kong.

Reuters says the note issue will qualify as Tier-2 capital under
the capital adequacy regulations of Bank Indonesia, the
country's central bank.

Any material change to the terms and conditions of the proposed
issue could affect the rating on the issue, the report said.



=========
J A P A N
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DAIEI INC.: Ties Up With Yamada Denki
-------------------------------------
Supermarket chain operator Daiei Inc. reached an agreement with
electronic appliance firm Yamada Denki Co. to cooperate on sales
of household appliances, Kyodo News said on Wednesday.

Yamada will sell goods on Daiei's floor space for household
appliances at four stores from late November. Yamada will use
its own staff.

TCRAP reported in October that the Development Bank of Japan
(DBJ) would invest 10 billion yen in a new corporate revival
fund worth 60 billion yen to keep ailing retailer Daiei
Incorporated afloat.


FOODSNET CORPORATION: Sushi Bar Chain Goes Bankrupt
---------------------------------------------------
Foodsnet Corporation filed for court protection from creditors
on Thursday, with 6.8 billion yen in total liabilities, Kyodo
News reports.

The sushi bar chain failed to secure loans from financial
institutions due to falling profits amid harsh competition and
decreases in per-customer consumption.

Foodsnet Corporation www.unitedrentals.com was established by
the current President Isao Nishigaki in 1974 and became publicly
held in December 1997. The Company currently operates revolving
sushi bars, under the name of "Atom Boy", seventy six direct
operating outlets and forty four franchisees; sushi take-out and
delivery services "Miyakobito", six direct operations and one
hundred and one franchisees; and thirteen direct operating
Japanese restaurants. Revolving sushi restaurants operations
accounted for 50 percent of fiscal 1999 revenues; Japanese
restaurants operation, 18 percent; sushi delivery operations, 2
percent; food and other sales to the franchisees, 27 percent;
royalties and other, 3 percent. The Company's founder and
current President Isao Nishigaki is the major shareholder with
30.64 percent of issued stock.  

Address:

Foodsnet Corporation
37, HIGASHI-IKEDACHO, NISHI-KYOGOKU
UKYO-KU KYOTO 615-0805
JAPAN  +81 75 3136281
+81 75 3136283  


FUJITSU LIMITED: Discloses H102 Financial Results
-------------------------------------------------
Fujitsu Limited, a global leader in customer-focused IT and
communications solutions, announced its consolidated net sales
of 2,150.3 billion yen (US$17, 483 million) for the first half
of fiscal year 2002 (April 1 - September 30, 2002), a decline of
nearly 10 percent from the same period last fiscal year.

Despite signs of a bottoming out in certain sectors in Japan and
elsewhere at the beginning of the fiscal year, Fujitsu faced a
difficult business environment during the first half, as the
global economic slowdown accompanying the collapse of the IT
boom in the United States last year continued. Further
deterioration in global telecommunications markets, together
with turmoil unleashed in the wake of accounting scandals in the
U.S., contributed to a precipitous slide in stock prices and
worsening economic uncertainty.

Against this economic backdrop, Fujitsu saw steady gains in
certain domestic business sectors in Japan during the first
half, including software and services to advance the use of IT
in the public sector, and mobile handsets and personal computers
for consumers. However, there were sharp declines in
infrastructure investments by telecommunications carriers, and
corporate spending on servers languished, resulting in a major
decrease in sales of platform products. In semiconductors, on
the other hand, the supply-demand situation for logic chips and
other products emerged from the period of severe imbalance.
Overall, orders and sales during the first half continued to be
problematic.

Since last year, Fujitsu has undertaken major restructuring
efforts in order to respond to radical changes in the IT market
environment. However, following the bursting of the
telecommunications bubble in the U.S., global telecommunications
carriers have been unable to halt the slide in their business
performance, and the industry has come to face an even harsher
period of structural reform. This has impacted the entire IT
industry, and, along with further globalization, the need for
even more thorough restructuring has become pressing.

In the first half of the fiscal year, Fujitsu's comprehensive
efforts to improve cost efficiency enabled the Company to offset
an even greater drop in sales than previously forecast and
improve profitability. In addition, to cope with severe
structural changes in the IT market and radically improve its
cost structure in the platforms and electronic devices areas,
thereby helping to ensure further improvement in profitability
in the next fiscal year and beyond, the Company undertook
further restructuring measures during this period, including
significant reductions in workforce, primarily in Japan.

During this period, Fujitsu posted an extraordinary charge to
cover costs of corrective measures for certain small form factor
hard disk drives due to some procured parts that were found to
be defective. The Company has implemented measures to ensure
greater reliability.

Thanks to the effects of cost reductions from last year's
restructuring initiatives, Fujitsu was able to narrow its first-
half consolidated operating loss to 23.2 billion yen (US$189
million), compared with a 59.1 billion yen operating loss in the
same period last year. However, as a result of extraordinary
charges for the additional restructuring initiatives and the
aforementioned hard disk drive matter, the Company posted a net
loss of 147.4 billion yen (US$1,199 million) for the first half,
compared to a net loss of 174.7 billion yen in the same period
last year.

Regarding cash flows, due to outlays to cover restructuring
measures and other items, cash flows from operating activities
during the first half came to negative 80.9 billion yen (US$658
million), compared to negative 70.1 billion yen during the same
period last year. Cash flows used in investing activities for
the period were reduced dramatically to 10.5 billion yen (US$86
million) from 227.8 billion yen used in first-half fiscal 2001,
primarily as a result of tightly focusing new plant and
equipment investment on only the most promising growth sectors
and from the sale of investment securities. As a result, free
cash flow was negative 91.5 billion yen (US$744 million),
compared to negative 298.0 billion yen the previous year, an
improvement of 206.5 billion yen. Reflecting the 250.0 billion
yen issue of convertible bonds completed in May, net cash flow
from financing activities in the first half was 111.5 billion
yen (US$907 million), compared to 208.7 billion yen in first-
half fiscal 2001.

Results by Business Segment

Services & Software
Although there was healthy growth in sales of CRM, SCM, and ERP
solutions, as well as systems integration and outsourcing
services in the national and local government sector and the
healthcare field in Japan, overall restraint in corporate
spending held domestic services and software sales to roughly
the same level as in the first half of fiscal 2001. Overseas
sales declined as a result of the slump in IT spending by
businesses in the U.S. and Europe, particularly
telecommunications carriers. Overall consolidated services &
software sales for the half were 918.0 billion yen (US$7,464
million), down about 1 percent from first-half fiscal 2001.
Thanks to aggressive costs savings from more efficient software
development utilizing EJB-based componentization technology and
greater sharing and re-use of know-how from improved knowledge
management, operating income in this business segment rose
nearly 7 percent, to 51.5 billion yen (US$419 million).

Platforms

In Japan, despite growth in sales of mobile phones and some
improvement in Unix enterprise servers, cyclical shifts in
demand for large-scale systems resulted in a sharp decline in
sales of large-scale servers and storage systems. This, together
with lower sales of IMT2000 (3G) mobile communications systems
to telecommunications carriers, contributed to a 15 percent
decline in overall domestic sales of platform products.
Overseas, lower demand from North American telecommunications
carriers resulted in a severe decline in sales of optical
transmission systems. These factors, coupled with the effects of
the Company's withdrawal from the desktop PC hard drive market
last fiscal year, resulted in a 22 percent decline in overall
consolidated first-half platforms sales to 769.7 billion yen
(US$6,258 million). Cost savings generated from restructuring
efforts helped narrow the first-half operating loss in this
business segment to 30.8 billion yen (US$250 million), compared
with the 39.9 billion yen loss recorded in the first half of
fiscal 2001.

Electronic Devices

In semiconductors, recovery in the digital home electronics
sector helped spark a rebound in sales of logic chips, however,
the recovery of flash memory prices was delayed, and overall
sales for the period declined. On the other hand, demand
increased for high-end plasma display panels (PDPs) and other
displays. Overall, consolidated first-half sales in the
electronic devices sector were down about 2 percent to 289.0
billion yen (US$2,350 million). Cost-cutting measures from
restructuring helped reduce operating losses to 23.1 billion yen
($188 million), versus a loss of 35.5 billion yen in the same
period the year before.

Revised Earnings Projections for FY2002

Since the last earnings projections announced in July, it has
become apparent that recovery will be delayed for the IT
industry, particularly in the U.S. telecommunications sector.
Concerns regarding future trends in stock prices and IT-related
demand, as well as international political issues, have
heightened overall uncertainty. In Japan as well, despite
favorable prospects for demand in certain areas, such as the
public sector, there is also future uncertainty stemming from
concerns over the prolonged non-performing loan issue, deflation
and the decline in stock prices. Accordingly, Fujitsu has at
this time revised its fiscal 2002 earnings forecasts as
described below.

Despite lower first-half sales than were projected in July,
Fujitsu was able to improve on those projections with respect to
consolidated operating income in the first half. Looking toward
the second half of fiscal 2002, there are uncertain prospects
for the Company's platform products, particularly
telecommunications infrastructure equipment, personal computers
and servers, as well as for the domestic software and services
business, and the current status of orders indicates that sales
will be sluggish. Nevertheless, Fujitsu expects to be able to
maintain its earlier projection for consolidated operating
income by compensating for the decline in sales with further
cost reductions. However, due to extraordinary charges relating
to additional restructuring measures in the platforms and
electronic devices sectors carried out in the first half, the
Company has revised downward its projection for net income by a
large margin.

Regarding Dividends for FY2002
With respect to the disposition of profits, Fujitsu believes
that a portion should be paid to shareholders to offer a stable
return, and that a portion should be retained by the Company to
strengthen its financial base and support new business
development opportunities that will result in improved long-term
performance.

In the current period, however, to cope with rapid structural
changes in the IT market and position the Company for a rebound
in profitability in the next fiscal year and beyond, Fujitsu
initiated additional restructuring measures that resulted in an
extraordinary charge to earnings and projected loss for the full
year. As a result, Fujitsu has reluctantly decided to forgo
dividend payments for the first half of fiscal 2002. The
disposition of the dividend for the next payout period,
following the end of this fiscal year, has not been decided at
this point.

*All yen figures have been converted to U.S. dollars for
convenience only at a uniform rate of US$1 = 123 yen, the
closing exchange rate on September 30, 2002.

Fujitsu http://www.fujitsu.com/is a leading provider of  
customer-focused IT and communications solutions for the global
marketplace. Pace-setting technologies, high-
reliability/performance computing and telecommunications
platforms, and a worldwide corps of systems and services experts
make Fujitsu uniquely positioned to unleash the infinite
possibilities of the broadband Internet to help its customers
succeed. Headquartered in Tokyo, Fujitsu Limited (TSE:6702)
reported consolidated revenues of 5 trillion yen (about US$38
billion) for the fiscal year ended March 31, 2002.


KAWAI MUSICAL: Golf Course Unit Files For Court Protection
----------------------------------------------------------
Japan Leisure Kaihatsu, golf course unit of Kawai Musical
Instruments Manufacturing Co., filed for court protection from
creditors on Friday, with total liabilities of 16.8 billion,
Kyodo News reports.

Kawai Musical will book 7.5 billion yen in extraordinary loss,
revising downward its earnings estimate for the first half of
2002 to a net loss of 3.5 billion yen from an initial break-even
forecast.


MATSUSHITA ELECTRIC: Reveals 2Q02 Financial Results
---------------------------------------------------
Matsushita Electric Industrial Co., Ltd. disclosed its
consolidated financial results for the second quarter and first
half, ended September 30, 2002, and non-consolidated (parent
Company alone) results for the first fiscal half.

Consolidated Second-quarter Results

Consolidated group sales for the second quarter were up 4
percent to 1,780.5 billion yen (U.S.$14.60 billion), from
1,710.8 billion yen in the same three-month period a year ago.
Of the total, domestic sales increased 5 percent to 865.1
billion yen ($7.09 billion). Overseas sales also improved, up 3
percent to 915.4 billion yen ($ 7.50 billion). Excluding the
effects of currency translation, overseas sales declined 1
percent from a year ago on a local currency basis.

During the second quarter, Japan continued to be hampered by
sluggish consumer spending and ongoing declines in capital
investment by corporations, as well as the apparent
improbability of a quick recovery in the Japanese economy.
Overseas, U.S. economic growth slowed, and has begun to cast a
shadow on the outlook for other global economies. The economies
of emerging markets such as China, however, maintained high
growth momentum.

Within this environment, Matsushita achieved sales growth,
particularly in the AVC Networks and Components and Devices
segments, propelled by new product introductions, including "V-
Products" that can capture a leading share in high- volume
markets and make a significant contribution to the Company's
business. In the domestic market, improved sales were mainly a
result of concentrated marketing, beginning earlier this year,
of the aforementioned V-Products, especially in the video and
audio equipment area. Continued advances in major product
categories in Europe, China and other Asian countries supported
overseas sales, although sales in the Americas were adversely
affected by the U.S. economic slowdown.

Earnings felt the negative effect of ongoing global price
competition, but increased substantially, benefiting mainly from
the aforementioned sales increases, as well as the positive
effects of business restructuring initiatives implemented in the
previous year. As a result, second quarter operating profit
increased to 30.8 billion yen ($253 million), as compared with
an operating loss of 37.0 billion yen recorded in the same
quarter a year ago. Income before income taxes also increased
sharply to 36.3 billion yen ($297 million), from a pre-tax loss
of 66.1 billion yen in the same three-month period a year ago.
Net income for the quarter totaled 13.5 billion yen ($111
million), compared with a net loss of 50.1 billion yen in the
comparable year-earlier period.

This resulted in a net income per common share of 6.41 yen
($0.05 per American Depositary Share (ADS)) on a diluted basis
in the second quarter, versus a net loss per common share of
24.10 yen on the same basis a year ago.

Consolidated First-half Results

Combining the second quarter results with those of the first
quarter, consolidated group sales for the first fiscal half
increased 4 percent to 3,537.2 billion yen ($28.99 billion),
compared with 3,385.6 billion yen in the same six- month period
a year ago. Domestic sales increased 2 percent to 1,677.1
billion yen ($ 13.75 billion), while overseas sales were up 7
percent to 1,860.1 billion yen ($15.25 billion). On a local
currency basis, overseas sales grew 5 percent.

For reasons similar to those given for second quarter results,
the Company's operating profit for the first fiscal half
increased to 45.4 billion yen ($372 million), compared with an
operating loss of 75.7 billion yen a year ago.

Income before income taxes also climbed to 54.3 billion yen
($445 million) in the first six months compared with the
previous first half's loss before income taxes of 87.3 billion
yen. Net income totaled 17.8 billion yen ($146 million),
compared with a net loss of 69.5 billion yen in the first half
of the previous year. This resulted in a net income per common
share of 8.53 yen ($0.07 per ADS) on a diluted basis, versus a
net loss per common share of 33.41 yen in the first half of the
previous year.

Consolidated First-half Sales Breakdown by Product Category

The Company's first-half consolidated sales by major product
category are summarized as follows:

AVC Networks

AVC Networks sales increased 6 percent to 2,055.7 billion yen
($16.85 billion), compared with 1,937.2 billion yen in the same
six-month period a year ago. Within this segment, sharp gains
were recorded in video and audio equipment, particularly TVs,
camcorders and DVD players, with total sales climbing 15
percent. This improvement was mainly due to the launching of
competitive new products, including V-Products, and increased
demand related to the FIFA World Cup(TM).

In information and communications equipment, sales of PC-related
equipment were down from a year ago. However, such declines were
offset by solid sales in Car AVC equipment, fixed-line
communications equipment and broadcast- and business-use AV
equipment, resulting in total sales for this category largely
unchanged from the same six-month period a year ago.

Home Appliances

Sales of Home Appliances edged down 2 percent to 595.1 billion
yen ($4.88 billion), compared with 604.2 billion yen in the
previous year's first half. Overseas, products including washing
machines, vacuum cleaners, air conditioners and refrigerators
all recorded increased sales compared to last year's first half.
These positive results were offset, however, by domestic sales
declines due to setbacks in air conditioners and other summer
items, and the negative effects of price deflation.

Industrial Equipment

Sales of Industrial Equipment were 138.6 billion yen ($1.14
billion), down 5 percent from 146.1 billion yen in the same six-
month period last year. Sales of electronic parts mounting
machines and other factory automation (FA) equipment increased
in the Asia and China regions, but sales declines of industrial-
use equipment, such as vending machines, led to lower overall
sales.

Components and Devices

Sales of Components and Devices increased 7 percent to 747.8
billion yen ($6.13 billion), compared with 698.1 billion yen in
the first half of last year. Strong overseas sales of general
components, semiconductors and compressors, particularly in the
Asia and China regions, were more than sufficient to offset
weakening demand for these products in the Japanese market.

Non-Consolidated (Parent Company Alone) First Half Results

First-half parent-alone sales increased 8 percent to 2,118.6
billion yen, from 1, 962.6 billion yen in the same six-month
period a year ago. This improvement is mainly attributable to
strong sales in the video and audio equipment category of AVC
Networks, as well as increased sales in Components and Devices.

Regarding parent-alone earnings, in addition to improved sales
results, the favorable effects of various business restructuring
initiatives resulted in a parent-alone operating profit of 16.9
billion yen, compared with an operating loss of 29.9 billion yen
a year ago. Recurring profit increased to 48.4 billion yen, from
2.6 billion yen in the previous first half. Parent-alone net
income also increased to 45.7 billion yen, compared with 2.9
billion yen in the first half of last year.

Interim Dividend

The Matsushita Board of Directors voted to distribute an interim
cash dividend of 6.25 yen per common share, payable December 10,
2002, to parent- Company shareholders of record on September 30,
2002. This dividend rate is unchanged from the interim dividend
of last year.

Outlook for the Full Fiscal Year 2003, ending March 31, 2003

Matsushita revised its forecast made on April 26, 2002 for
consolidated sales and earnings for the current fiscal year,
ending March 31, 2003 (fiscal 2003). The continuing slowdown in
the U.S. economy, aggravated by the recent port strike on the
west coast of the United States, has fueled concerns about
possible negative impacts on economies in other regions,
resulting in an uncertain global economic outlook. Despite this,
the Company's annual consolidated financial results are expected
to show steady improvement mainly as a result of last year's
business restructuring initiatives and ongoing active promotion
of V-Products.

On a consolidated group basis, Matsushita now expects annual
sales for the current fiscal year to increase 3 percent from the
previous fiscal year, to approximately 7,050 billion yen, a
slight downward revision from the original forecast of 7,080
billion yen. Meanwhile, the Company maintained its original
forecast for consolidated operating profit of about 100 billion
yen for the full fiscal year. Consolidated income before income
taxes is anticipated to improve to approximately 105 billion
yen, compared to the previous forecast for pre-tax income of 88
billion yen. Net income for the fiscal year is estimated to be
37 billion yen, as compared with the original forecast for net
income of 42 billion yen.

On a non-consolidated, parent Company-alone basis, the Company
will not disclose an annual forecast at this time, as the
effects on parent-alone financial results of business and
organizational restructuring involving the parent Company and
subsidiaries, scheduled to be implemented on January 1, 2003,
have not yet been determined.

Matsushita Electric Industrial Co., Ltd.
www.panasonic.co.jp/global/ is one of the world's leading
producers of electronic and electric products for consumer,
business and industrial use, which it markets around the world
under the "Panasonic," " National," "Technics" and "Quasar"
brand names. Matsushita's shares are listed on the Tokyo, Osaka,
Nagoya, Fukuoka, Sapporo, New York, Pacific, Euronext Amsterdam,
Euronext Paris, Frankfurt and Dusseldorf stock exchanges.


MAZDA MOTOR: Plans to Reorganize Domestic Dealer Network
--------------------------------------------------------
Mazda Motor Corporation aims to reorganize its domestic dealer
network to pave the way for rapid sales growth in Japan. The
plan is designed to deliver higher levels of customer
satisfaction and improve overall operating efficiencies.
Building on the successful implementation of the One Operation
initiatives, which helped guide Mazda-controlled dealers back to
profitability over the past three years, this next major
initiative will reinforce our existing nationwide outlet network
with improved regional management and more robust financial
stability.

"With the all-new Mazda Atenza and Mazda Demio now in the
market, this action will strengthen the operations of our
consolidated domestic dealers and help stabilize their financial
base," said Mazda President Lewis Booth. "In the end, a stronger
dealer network will play an important role in achieving our
growth objectives and better serve our customers. This is an
all-around win for our customers, for our dealers and for
Mazda."

In addition, as part of this action, Mazda will eventually
convert up to 133 billion yen of subordinated debt to equity.
This will ensure a more stable financial environment for Mazda's
dealers, allowing them to focus their attention and resources on
increasing sales and customer satisfaction.

Under the new system, consolidated domestic dealers will serve
multiple prefectures. For example, the end of FY2002 will
consolidate 34 dealers across Japan consolidated into 11
regional dealers serving Tohoku, Kita-Kanto, Shutoken, Koshin,
Shizuoka, Tokai, Hokuriku, Osaka, Keiji, Nishi-Shikoku, and
Kyushu. This move is expected to further strengthen business
foundations through the sharing of best practices and resources,
the consolidation of back-office operations and the reduction of
inventories.

Groupings for Dealer Mergers

Tohoku District
-Mazda Anfini Sendai
-Mazda Anfini Iwate
-Akita Mazda Hanbai
-Yamagata Mazda Jidosha

Kita-Kanto District
-Mazda Shin-Ibaraki
-Mazda Anfini Tochigi

Shutoken District (under discussion)
-Kanto Mazda
-Mazda Anfini Tokyo
-Mazda Anfini Minami Tokyo
-Mazda Anfini Nishi Tokyo
-Mazda Anfini Yokohama
-Gunma Mazda

Koshin District
-Nagano Mazda
-Yamanashi Mazda

Shizuoka Prefecture
-Shizuoka Mazda
-Mazda Anfini Shizuoka
-Mazda Anfini Hamamatsu

Tokai District
-Tokai Mazda Hanbai
-Mie Mazda

Hokuriku District
-Mazda Auto Fukui
-Toyama Mazda
-Ishikawa Mazda Hanbai

Osaka District (under discussion)
-Osaka Nishi Mazda
-Osaka Minami Mazda
-Mazda Anfini Osaka
-Mazda Anfini Kansai
-Mazda Auto Izumi

Keiji District
-Shiga Mazda
-Mazda Anfini Kyoto

Nishi-Shikoku District
-Ehime Mazda
-Kochi Mazda

Kyushu District
-Fukuoka Mazda Hanbai
-Kitakyushu Mazda
-Oita Mazda Hanbai

According to TCRAP, Mazda Motor Corporation will shut down its
truck and van plants in Hiroshima next year, due to sluggish
truck business conditions.

The Company's shareholders capital ratio is low, at 9.96
percent, as a result of poor performances in the past and the
fragile management condition of domestic dealerships and other
factors.

There is still a heavy interest bearing debt burden in the
Company.

Mazda Motor Corporation www.mazda.com/flash.html was established
in 1920 and is one of Japan's leading automobile manufacturers.
With its headquarters in Hiroshima, Mazda has two plants in
Japan and manufacturing and assembly operations in sixteen other
countries. Mazda cars and trucks are sold in more than one
hundred and thirty countries. Ford Motor and Mazda agreed to
collaborate in 1979, Ford Motor Company started investing in
Mazda and increased its shareholding to 33.39 percent as of
March 31, 1999.

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


MITSUBISHI CHEMICAL: Transfers Printing Business to KPG
-------------------------------------------------------
Mitsubishi Chemical Corporation reached an agreement with Kodak
Polychrome Graphics Japan Ltd. (KPG) that Mitsubishi Chemical
Corporation and Mitsubishi Chemical Media Co., Ltd. (MKM), the
subsidiary Company 100 percent owned by Mitsubishi Chemical,
would transfer its business of its offset printing plate to KPG.
The target date of this transfer will be December 1, 2002.

Mitsubishi Chemical group started its PS plate business in 1979,
and acquired the stock of Western Lithotech in USA in 1987.
Since then, Mitsubishi Chemical has been operating the plate
business in the world. In April 2002, we transferred the stock
of Western Lithotech to Lastra America. As part of the selecting
and focusing of business resources, Mitsubishi Chemical Group
will transfer its rights of manufacturing, sales, and related
technologies in Japan, and sales right in Asia to KPG.

Regarding this business transfer, KPG will basically succeed the
way of business operation, which Mitsubishi Chemical Group has
been developing. In order to supply the same customer
satisfaction to customers, it is planned that any sales and
technical employees working for this plate business will be
seconded to KPG (Japan), so that the existing customer service
will be continued through the existing sales channels.
Mitsubishi Chemical will continue to manufacture CTP plate and
conventional plates on contract basis from KPG at its Kashima
Plant, Japan.

MKM will focus the business related to optical disc after
transferring the plate business to KPG.

Mitsubishi Chemical Corporation www.m-kagaku.co.jp is the
largest comprehensive chemical Company in Japan and one of the
world's largest ten. MCC's principal activity is the production
of petrochemicals. Operations are carried out through the
following divisions: Petrochemical products accounted for 37
percent of fiscal 2001 revenues; Functional materials, 20
percent; Carbon/Agrochemical, 12 percent; Information
electronics, 10 percent; Pharmaceuticals, 7 percent; Functional
chemicals, 7 percent and Services, (distribution and warehouses,
supply of electricity, real estate), 7 percent.

Contact:
Mitsubishi Chemical Corporation
Public Relations & Investors Relations Department
Tel: +81-(0)3-3283-6274

TCRAP reported that MCP's petrochemicals division plunged into
loss in fiscal 2001 due to fall in demand while the earnings of
pharmaceuticals increased, supported by consolidation of
Mitsubishi Welpharma and introduction of new drugs.

The operating profit was a third of the originally forecast
amount. The Company plunged into a large net loss as a result of
large amount of extraordinary loss incurred due to write-downs
of assets and severance payments.


MITSUBISHI ELECTRIC: Closing Frech Chip Plant on Restructuring
--------------------------------------------------------------
Mitsubishi Electric Corporation (MEC) is planning to shut down
its French plant next year, as part of its on going
restructuring plan, AFX News and Ananova reported last week.

The name of the French plant was not mentioned in the report.

The Company expects to post an operating loss of 30 billion yen
for the year on sales of 420 billion," MEC Executive Director
Yukihiro Sato said.

The Company's chip operations posted a first half operating loss
of 19.9 billion yen on sales of 192.2 billion.


NEC CORPORATION: Unit Commences Operation
-----------------------------------------
NEC Electronics Corporation has been separated from NEC
Corporation by way of corporate separation (kaisha bunkatsu),
and is now a wholly owned subsidiary dedicated to providing
semiconductor solutions to customers worldwide.

Kaoru Tosaka, who previously held the position of Company
President at NEC Electron Devices, the former in-house Company
of NEC Corporation was appointed President of NEC Electronics
Corporation at the Company's board meeting held in Japan.

Joining him to manage the new Company are Kyoji Yamamoto and
Hirokazu Hashimoto, executive Vice Presidents and members of the
board; board member Shunichi Suzuki; and corporate auditors Jiro
Takashima, Akio Kurosaka and Tomio Nakano.

"Our long operating history, industry expertise and technical
capabilities allow us to offer customers a broad range of
solutions to meet their specific needs, from designing,
developing, manufacturing and servicing of custom semiconductors
to providing standard semiconductor solutions for a variety of
applications," said Mr. Tosaka. "We intend to further advance
our leading position as an innovative global provider of complex
integrated circuit solutions by developing a dynamic business
model that will enable us to react quickly to customer and
market requirements"

NEC Electronics Corporation has the following core strengths: 1)
the ability to provide advanced technologies and highly reliable
products developed through its vertically integrated Company
structure, 2) extensive system knowledge in specific
applications such as automotive, mobile handsets, DVDs and
digital still cameras, and 3) a global sales network. Leveraging
these strengths, the Company will be well-equipped to satisfy
the diverse requirements of its global customers.

The new Company has established three business development
operations units to better promote these strengths. The first
development operations unit will provide advanced technology
solutions, targeting high-end applications such as servers and
workstations. The second development operations unit will
provide system solutions for applications including mobile
handsets, PC peripherals, automotive and digital consumer
products. The third development operations unit will provide
platform solutions through which the Company can offer a diverse
range of semiconductor products including microcontrollers, gate
arrays, SRAM, and discrete semiconductors.

NEC Electronics Corporation http://www.necel.comis a wholly  
owned subsidiary of NEC Corporation, one of the world's leading
providers of Internet, broadband network and enterprise business
solutions. NEC Electronics specializes in semiconductor products
encompassing advanced technology solutions for the broadband and
communications markets, system solutions for the mobile
handsets, PC peripherals, automotive and digital consumer
markets, and platform solutions for a wide range of customer
applications. NEC Electronics Corporation has 24 subsidiaries
worldwide including NEC Electronics America, Inc. and NEC
Electronics (Europe) GmbH.

Outline of NEC Electronics Corporation

Company name:         NEC Electronics Corporation
Incorporation:     November 1, 2002
President:     Kaoru Tosaka
Major operations:     Research and development, manufacturing,
sales and services of semiconductors (except for general-purpose
DRAMs)
Head office:     Kawasaki City, Kanagawa Prefecture, Japan
Stated Capital:     50 billion yen
Number of shares to
be issued at the time
of establishment:     100 million shares of common stock
Net sales:     Approximately 700 billion yen
Employees:     24,000 (Japan-18,800, Overseas-5,200)

NEC Corporation www.nec.com is one of the world's leading
providers of Internet, broadband network and enterprise business
solutions dedicated to meeting the specialized needs of its
diverse and global base of customers. Ranked as one of the
world's top patent-producing companies, NEC delivers tailored
solutions in the key fields of computer, networking and electron
devices, through its three market-focused, in-house companies:
NEC Solutions, NEC Networks and NEC Electron Devices. NEC
Corporation employs more than 140,000 people worldwide and had
net sales of approximately $39 billion in the fiscal year ended
March 2002.

As part of the restructuring plan, NEC said it would shed jobs,
close and sell plants, and split off divisions into separate
companies as it struggles to regain profitability and restore
its balance sheet to health, TCR-AP reports.

The move aims the Company to recover from last year's record
loss of 312 billion yen ($2.5 billion).

Contact:
Japan       
Seiko Yabuuchi      
NEC Electronics Corporation
+81-44-4375-1664     
yabu@ap.jp.nec.com

Daniel Mathieson
NEC Corporation
+81-3-3798-6511
d-mathieson@bu.jp.nec.com

Europe
Oliver Leuttgen
NEC Electronics (Europe) GmbH
+49-211-6503-469
luettgeno@ee.nec.de

United States      
Denise Viereck Garibaldi    
NEC Electronics America, Inc.    
(408) 588-662       
denise_garibaldi@necelam.com  


NEC CORPORATION: Posts Notice of Changes in Subsidiary
------------------------------------------------------
NEC Corporation, in accordance with the Paragraph 4 of Article
24-5 of the Securities and Exchange Law of 1948, as amended, of
Japan (the Securities and Exchange Law), the Company, a Japanese
corporation having its principal office at 7-1, Shiba 5-chome,
Minato-ku, Tokyo 108-8001, Japan (the 'Company') filed a current
report - Rinji Hokokusho - with the Director-General of the
Kanto Local Finance Bureau of Japan on November 1, 2002 (the
'Current Report') with respect to the change in the Company's
significant subsidiary - Tokutei Kogaisha - (the Significant
Subsidiary) as defined in the Cabinet Office Ordinance with
respect to Disclosure of Companies' Affairs (the Cabinet Office
Ordinance).  A current report required to be filed on such
occasions, among others, when a Company that had not been a
subsidiary of the Company became the Company's Significant
Subsidiary.  

The Company filed the Current Report because it established NEC
Electronics Corporation on November 1, 2002, which falls within
the definition of the Significant Subsidiary.  The Current
Report is available for public inspection at the Kanto Local
Finance Bureau, and the stock exchanges in Tokyo, Osaka, Nagoya,
Fukuoka and Sapporo.

Translation of the Current Report is shown in Paragraph 2 below.

2. Translation of the Current Report

(1) Reason for Filing

The Company established NEC Electronics Corporation ('NEC
Electronics') on November 1, 2002.  As a result, NEC Electronics
became the Significant Subsidiary of the Company and the Company
filed the Current Report pursuant to Paragraph 4 of Article 24-5
of the Securities and Exchange Law as well as pursuant to Item 3
of Paragraph 2 of Article 19 of the Cabinet Office Ordinance.

(2) Matters to be Reported

(i) Outline of the Significant Subsidiary

Name: NEC Electronics Corporation

Place of business: 1753, Shimonumabe, Nakahara-ku, Kawasaki-shi,
Kanagawa, Japan

Name of the representative: Kaoru Tosaka

Amount of stated capital: 50 billion Yen

Scope of business: Research, development, manufacture, sale and
services of semiconductors

(ii) The total number of voting interests in NEC Electronics
held by the Company and its ratio to the total number of voting
interests in NEC Electronics before and after the applicable
event.

(a) Number of voting interests held by the Company:

Before the applicable event:

After the applicable event: 100,000,000

(b) Ratio to the total number of voting interests:

Before the applicable event:
After the applicable event: 100 percent

(iii) Reason and date of applicable event

(a) Reason for the applicable event: Establishment of NEC
Electronics Corporation

(b) Date of the applicable event: November 1, 2002

According to Wright Investor's Service, during the 12-month
period ending 31 March 2002, the Company reported losses of
187.06 per share, implying that the management believes that the
Company will return to profitability soon.


NIPPON TELEGRAPH: Implements Voluntary Action Plan
--------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) made a report
to the Ministry of Public Management, Home Affairs, Post and
Telecommunications of the current status of implementation of
"NTT's Strategy concerning Current Management Issues" (Voluntary
action plan) released in October 2001. The following is an
outline of the report.

1. Regarding the promotion of structural reform

As announced in "Structural Reform of NTT East and West"
(November 22, 2001), NTT is steadily progressing with the
implementation of business reform policies, including the
reassignment in May 2002 of roughly 100,000 employees.

2. Opening the local networks

In addition to the measures outlined in last year's "Voluntary
action plan," in response to requests from other carriers we are
implementing even more expanded information disclosure and
subdivision of the item for the interconnection with the local
network.

3. NTT Group Business Related Matters  
  
(1) Equity position

Regarding the issue of equity position, we will continue to
monitor the situation with a view to maximizing profits for our
shareholders.

Further, regarding the shares of NTT DoCoMo, Inc. (NTT DoCoMo),
in July 2002, in response to NTT DoCoMo's planned share
reacquisition, 551,000 stocks were sold.

(2) Executive Member Concurrency

Regarding the concurrent appointment of directors for NTT
(holding Company), NTT Communications Corporation (NTT Com) and
NTT DoCoMo, it was decided to annul this at the general meeting
for shareholders in June 2001.  

4. Making inroads in the broadband market

The companies in the NTT Group are making an all-out effort to
implement measures to make inroads in new service fields
relating mainly to broadband.

According to a TCRAP report, NTT units namely NTT East
Corporation and NTT West Corporation will refund 14 million yen
in phone bills to 1,300 customers due to disabled services for
notifying the arrival of e-mails and recorded voice messages.

The two regional carriers admitted the announcement came two
months after they confirmed the malfunctions in early August.

For inquiries, please contact:
Mr. Shiozuka or Mr. Tsujigami, Corporate Strategy, Department I,
NTT
Tel: 03-5205-5131


NISSEKI HOUSE: Ailing House Builder Files For Court Protection
--------------------------------------------------------------
Nisseki House Industry Co. filed for court protection from
creditors, with total liabilities of 30 billion yen, Kyodo News
said on Wednesday.

The ailing midsize prefabricated house builder is the second
listed house builder to go under this year.


SOGO CO.: Isetan May Acquire Outlet in Kyushu
---------------------------------------------
Department store operator Isetan Co. is likely to take over the
site of a former outlet of failed retailer Sogo Co, Kyodo News
reported on Friday, citing the lawyer representing the outlet's
administrator.

"Isetan has shown the strongest eagerness among the three
department store operators interested in taking over," said
Masaharu Nakano at a news conference, suggesting the
administrator considers Isetan the strongest candidate.

In August, the Troubled Company Reporter-Asia Pacific said the
Financial Reconstruction Commission (FRC) has approved a
government debt relief scheme in 2000 for the ailing department
store Sogo Co even though some members of the commission
expressed doubts about the plan.

In 2000, the FRC permitted a scheme to acquire and partially
forgive 200 billion yen in Shinsei Bank loans to Sogo to
minimize costs to taxpayers.


VICTOR CO.: Returns to Profit
-----------------------------
Victor Co. of Japan (JVC) posted a group net profit of 1.39
billion yen in the first half of 2002, versus a loss of 20.42
billion yen a year earlier, Kyodo News said on Tuesday.

According to the Troubled Company Reporter-Asia Pacific, Victor
Co. of Japan (JVC) sees a consolidated net loss of Y44.9 billion
for fiscal 2001 which ended March 31, up from a loss of Y29
billion forecast last October.

The Company revised the loss outlook as it will register an
extraordinary loss of Y7.11 billion in compliance with new
accounting rules obliging firms to book valuation losses on
shareholdings whose market value has declined more than 50
percent from their book value.



=========
K O R E A
=========


HYNIX SEMICONDUCTOR: Details Re Capital Reduction Plan
------------------------------------------------------
Hynix Semiconductor responded to the Korea Stock Exchange's
request for information made on April 27, 2002 as follows:

Hynix Semiconductor Inc. has once reviewed a capital reduction
plan for the purpose of reducing the number of outstanding and
floating shares without infringing any of existing shareholders'
rights which includes shareholders' value (e.g. reverse-split).

However, details about capital reduction are not determined yet.

Any further details will be posted at the time of confirmation.

For a copy of the press release go to
http://www.kse.or.kr


HYNIX SEMICONDUCTOR: Aims to Raise Prices For DDR Chips
-------------------------------------------------------
Hynix Semiconductor Inc. aims to raise the prices for high-end
double data rate (DDR) memory chips by as much as 10 percent,
reports the Korea Herald.

The move came after spot prices for high-end 256-megabit DDR
chips have firmed up for several days in Asia.

The chipmaker is expected to push up the price for the popular
chips in its forthcoming negotiations with major PC makers.

Hynix, whose DDR chip production accounts for 45 percent of
total DRAM chip output, feels comfortable with the idea of
raising the contract prices for large PC manufacturers.


HYNIX SEMICONDUCTOR: Develops 512 Mega DDR SDRAM  
------------------------------------------------
Hynix Semiconductor Inc. has successfully developed 512-Mb DDR
SDRAM (double-data-rate synchronous dynamic random access
memory) manufactured with cutting-edge 0.10-micron technology.

Hynix applied its landmark Golden Chip semiconductor
manufacturing technology to the mass production 0.10-micron
technology products without additional investment in its
fabrication facilities. Golden Chip follows the Company's Blue
Chip (0.15-micron) technology and Prime Chip (0.13-micron)
technology. The Company estimates the use of 0.10-micron
technology reduces overall investment requirements by 50 percent
when compared to its competitors.

The new 512 Mb DDR SDRAM memory is developed to meet market
demand for PC and server products. The new product is compatible
with DDR 266, DDR 333, and DDR 400.

Hynix will implement the integrated design technology and
manufacturing process in its plants in Ichon, Choongju, and
Eugene, Oregon.

Hynix is planning to launch mass production of 512 Mb DDR SDRAM
by the end of the year. Production of 256 Mb and 1 Gb DDR SDRAM
using Golden Chip technology will occur in the first half of
next year.

Hynix expects the successful development of its Golden Chip
technology to assure it maintains its role as a leader in the
memory chip market.

For a copy of the press release, visit the Company's Website at
http://www.hynix.com


SEOUL BANK: CEO Resigns Ahead of Merger
---------------------------------------
Seoul Bank CEO Kang Jung-won tendered his resignation on
November 2, the Korea Herald said.

Kang reportedly wanted to step down ahead of the planned merger
with Hana Bank.

Lee In-soo, the lender's incumbent Vice President will occupy
the post for the time being.

Hana Bank was chosen as the purchaser of state-owned Seoul Bank
in September, which had been on the selling block since 2000.

TCR-AP reported in September that more than W5 trillion has been
injected into Seoulbank since late 1997 in order to keep the
bank from collapsing due to a large number of bad loans.

DebtTraders reports that Seoulbank's 3.791 percent floating rate
note due in 2006 (BKSE06KRN1) trades between 97 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1



===============
M A L A Y S I A
===============


KEMAYAN CORPORATION: Proposes Sale, Purchase Agreements
-------------------------------------------------------

1. INTRODUCTION

We refer to the announcement dated October 23, 2002, wherein
Public Merchant Bank Berhad (PMBB) had on behalf of the Board of
Directors of KCB announced that the Company and Rangkap Budi Sdn
Bhd (RBSB) proposed to enter into the following:

     (i) conditional sale and purchase agreement with Mustakob
         Sdn Bhd, Bayu Luruh Sdn Bhd, Y.A.M Raja Dato' Seri
         Eleena Azlan Shah, Mustaffa bin Haji Yacob, Datin Chan
         Yoke Heng, Datuk Lim Fung Chee and Chan Yoke Fun to
         acquire the entire issued and paid-up share capital of
         Amber Resources Sdn Bhd (Amber) comprising 1,200,000
         ordinary shares of RM1.00 each; and

    (ii) conditional sale and purchase agreement with Datuk Lim
         Fung Chee, Chan Yoke Fun and Melvin Chin Poh Yoen to
         acquire the entire issued and paid-up share capital of
         CDM Sdn Bhd (CDM) comprising 50,001 ordinary shares of
         RM1.00 each

Further thereto, PMBB on behalf of the Board of Directors of
KCB, is pleased to announce that RBSB had on October 31, 2002
entered into the following conditional sale and purchase
agreements to:

     (i) acquire the entire issued and paid-up share capital of
         Amber comprising 1,200,000 ordinary shares of RM1.00
         each for purchase consideration of RM14,222,222 to be
         satisfied by the issuance of 14,222,222 new ordinary
         share of RM1.00 each in RBSB (RBSB Shares) at its par
         value of RM1.00 in RBSB (Proposed Acquisition of
         Amber); and

    (ii) acquire the entire issued and paid-up share capital of
         CDM comprising 50,001 ordinary shares of RM1.00 each
         for a purchase consideration of RM1,777,778 to be
         satisfied by the issuance of 1,777,778 new RBSB Shares
         at its par value of RM1.00 in RBSB (Proposed
         Acquisition of CDM).

The Proposed Acquisitions of Amber and Proposed Acquisitions of
CDM will form part of the Proposed Restructuring Scheme as
announced on October 23, 2002. Further details of the Proposed
Acquisition of Amber and Proposed Acquisition of CDM are set out
in the ensuing paragraphs.


2. PROPOSED ACQUISITION OF AMBER

RBSB had, on October 31, 2002, entered into a conditional sale
and purchase agreement (SPA 1) with the shareholders of Amber to
acquire the entire issued and paid-up share capital of Amber of
RM1,200,000 from Mustakob Sdn Bhd, Bayu Luruh Sdn Bhd, Y.A.M
Raja Dato' Seri Eleena Azlan Shah, Mustaffa bin Haji Yacob,
Datin Chan Yoke Heng, Datuk Lim Fung Chee and Chan Yoke Fun for
a purchase consideration of RM14,222,222 to be satisfied by way
of issuance of 14,222,222 new RBSB Shares at its par value of
RM1.00 in RBSB.

(Mustakob Sdn Bhd, Bayu Luruh Sdn Bhd, Y.A.M Raja Dato' Seri
Eleena Azlan Shah, Mustaffa bin Haji Yacob, Datin Chan Yoke
Heng, Datuk Lim Fung Chee and Chan Yoke Fun are collectively
known as the Vendors of Amber)

The new securities to be issued pursuant to the Proposed
Acquisition of Amber to the Vendors of Amber are as follows:

Vendors      No. of sale   shares Purchase     No. of
                           Consideration       RBSB Shares to be  
                                              issued

Mustakob Sdn     431,998   RM5,119,976        5,119,976
Bhd

Bayu Luruh       252,000     2,986,667        2,986,667
Sdn Bhd

YAM Raja Dato'   240,000     2,844,444        2,844,444
Seri Eleena
Azlan Shah

Mustaffa bin     216,000     2,560,000        2,560,000  
Haji Yacob

Datin Chan        60,000       711,111          711,111  
Yoke Heng

Datuk Lim               1           12               12
Fung Chee

Chan Yoke Fun           1           12               12

                1,200,000   14,222,222       14,222,222

2.1 Basis of purchase consideration

The purchase consideration for the Proposed Acquisition of Amber
of RM14,222,222 was arrived at based on a "willing-buyer
willing-seller" and is based on the adjusted net tangible assets
(NTA) of Amber after taking into account the values of the
balance of the joint venture development project (JV) of Amber
and the valuation of the JV development land as valued by
Messrs. Konsortium Perunding Hartanah Sdn Bhd on 28 October 2002
using the comparison method and residual method of valuation.
2.2 Salient terms of the SPA 1

Salient terms of the SPA 1 are as follows:

     (i) The sale shares shall be acquired free from all liens,
         pledges, charges, mortgages or any other encumbrances
         whatsoever and with all rights now or hereafter
         attaching thereto including any dividend to be declared
         upon the terms and conditions contained in SPA 1.

    (ii) The agreed purchase consideration shall be paid by RBSB
         within six (6) months from the date upon which
         conditions precedents have been fulfilled (Effective
         Date) by issuing and alloting to the vendors the
         relevant number of consideration shares.

   (iii) In the event the agreed purchase consideration is
         reduced by the Securities Commission for more than ten
         percent (10%) of the agreed purchase consideration, the
         Vendors of Amber shall be entitled to terminate this     
         agreement by giving notice to RBSB.

    (iv) As part of the conditions precedent, Amber is required
         to repay the advances made by certain shareholders of    
         Amber.

     (v) Fulfillment of all conditions precedent set out in the
         SPA 2 for the Proposed Acquisition of CDM.

    (vi) In the event that any of the approvals are not obtained
         or subject to any conditions, which significantly
         affect any party, the affected party may within thirty
         (30) days of being notified of the conditions, elect to
         appeal with the appropriate authorities seeking
         variation/revision of condition/decision or rescind the
         SPA 1.

   (vii) In the event the appropriate authorities refuse to
         vary/revise the conditions/decisions appealed, the
         affected party may within thirty (30) days of being
         notified of the outcome of the appeal, elect to accept
         or reject such condition/decision by written notice to
         the other party.

  (viii) RBSB shall appoint a reputable firm of public
         accountants ("Auditors") to conduct due diligence upon
         execution of this agreement and shall complete the
         exercise within the stipulated period.

    (ix) In the event the Auditors report reveals substantial
         irregularities in the financial, contractual and
         trading position and prospects of Amber and/or the
         actual assets and laibilities position of Amber as at
         the last accounts date is ten percent (10%) less
         favorable than shown in the accounts, RBSB may
         terminate this agreement by written notice within 21
         days from date of issue of the report.

     (x) In the event of any material breach by vendors of any
         warranties, guarantees, undertakings and agreements
         which is not remedied within fourteen (14) days of
         receipt of notice of breach, RBSB shall be entitled to
         indemnity in respect of loss incurred.

         If the breach results in either the value of the assets
         of Amber being less or liability incurred which would
         not have been there had there been no breach, the
         vendors shall:

         (a) make payment in cash to Amber the amount of the
             diminution in value of the assets or loss incurred;
             or

         (b) pay RBSB any amount equal to the diminution in
             value.

    (xi) RBSB undertakes and agrees with the Vendors of Amber
         that on the date of completion RBSB shall offer itself
         or nominate other persons to be substituted as
         guarantors in the stead of the existing guarantors in
         respect of the credit facility extended to Amber by
         bank lenders (Facility).

   (xii) In the event any notice of any intented compulsory
         acquisition by the Government or other authorities of
         the development land under the JV agreement entered
         into between Amber and Dewan Bandaraya Kuala Lumpur
         (DBKL) (Development Land) is received before full
         payment of the agreed purchase consideration, RBSB may
         terminate this agreement by written notice to the
         Vendors of Amber.


3. PROPOSED ACQUISITION OF CDM

RBSB had, on 31 October 2002, entered into a conditional sale
and purchase agreement ("SPA 2") with the shareholders of CDM to
acquire the entire issued and paid-up share capital of CDM of
RM50,001 from Datuk Lim Fung Chee, Chan Yoke Fun and Melvin Chin
Poh Yoen for a purchase consideration of RM1,777,778 to be
satisfied by way of issuance of 1,777,778 new RBSB Shares at its
par value of RM1.00 in RBSB.

(Datuk Lim Fung Chee, Chan Yoke Fun and Melvin Chin Poh Yoen are
collectively known as the "Vendors of CDM")

The new securities to be issued pursuant to the Proposed
Acquisition of CDM to the Vendors of CDM are as follows:

Vendors         No. of sale     Purchase        RM No. of RBSB
                  shares      consideration     Shares to be           
                                                issued

Datuk Lim            16,667       592,592              592,592
Fung Chee

Chan Yoke Fun        16,667       592,592              592,592

Melvin Chin Poh Yoen 16,667       592,594              592,594

                     50,001     1,777,778            1,777,778


3.1 Basis of the purchase consideration

The purchase consideration for the Proposed Acquisition of CDM
of RM1,777,778 was arrived at based on a "willing-buyer willing-
seller" and is based on the NTA of CDM as at 30 June 2001 and
taking into account the future earnings of CDM.

3.2 Salient terms of the SPA 2

Salient terms of SPA 2 are similar to the salient terms of SPA 1
as set out above save for part (iv), (v) and (xi).

Other salient terms of the SPA 2 is that the Proposed
Acquisition of CDM is also subject to the fulfillment of all
conditions precedent set out in the SPA 1 for the Proposed
Acquisition of Amber.

The details on ranking of the new Shares to be issued, status of
the sale shares, assumption of liabilities for the Proposed
Acquisition of Amber and Proposed Acquisition of CDM are similar
to that of the proposed subscription in Major Entrepreneur Sdn
Bhd ("MESB") and proposed acquisition of Satujaya Sdn Bhd
("Satujaya") which have been set out in Sections 4.4, 4.5 and
4.6 respectively in the announcement dated 23 October 2002.

(MESB, Satujaya, Amber and CDM are collectively known as
"Acquiree Companies")


4. RATIONALE FOR THE PROPOSED ACQUISITION OF AMBER AND PROPOSED
ACQUISITION OF CDM

The Proposed Acquisition of Amber and the Proposed Acquisition
of CDM form part of the KCB's Proposed Restructuring Scheme,
i.e. its plan to regularise its financial position as an
affected listed issuer under the Practice Note 4/2001 of the
Kuala Lumpur Stock Exchange's Listing Requirements.


5. RISKS FACTORS

The risk factors of the Proposed Restructuring Scheme, which
include the Proposed Acquisition of Amber and Proposed
Acquisition of CDM, are set out in the announcement dated 23
October 2002.


6. PROSPECTS

The prospects of the Proposed Acquisition of Amber and the
Proposed Acquisition of CDM are set out in the announcement
dated 23 October 2002.


7. CONDITIONALITY

The Proposed Capital Reconstruction, Proposed Debt Settlement,
Proposed Acquisition of Amber and Proposed Acquisition of CDM
(which forms part of the Proposed Acquisitions as mentioned in
the announcement dated 23 October 2002), Proposed Waiver,
Proposed Disposal Arrangement and Proposed transfer Listing are
inter-conditional.


8. APPROVALS REQUIRED

In addition to the approvals required are as set out in the
announcement dated 23 October 2002, the Proposed Acquisition of
Amber are subject to the following:

Proposed Acquisition of Amber

(i) Approval from the shareholders of Mustakob Sdn Bhd and Bayu
Luruh Sdn Bhd in a general meeting for sale of the relevant
portion of the sale shares, if necessary, is to be obtained;

(ii) Approval from the bank lenders for the disposal of the sale
shares, pursuant to the requirements of the security documents
in respect of the Facility and for the release and discharge of
guarantors unconditionally of their obligations and to accept
RBSB or other persons nominated as substitute guarantors in the
stead of the existing guarantors in respect of the Facility; and

(iii) Approval of Dewan Bandaraya Kuala Lumpur ("DBKL") for the
disposal of sale shares pursuant the requirements of the JV
agreement entered into between Amber and DBKL for the purpose of
carrying out a mixed development project.


9. EFFECTS OF THE PROPSOED RESTRUCTURING SCHEME

9.1 Share capital

The effect of the Proposed Restructuring Scheme, including the
Proposed Acquisition of Amber and the Proposed Acquisition of
CDM on the share capital of KCB and RBSB are as set out in the
announcement dated 23 October 2002.

9.2 Earnings

As mentioned in the announcement dated 23 October 2002, the
Proposed Acquisition of Amber and Proposed Acquisition of CDM,
which forms part of the Proposed Acquisitions, are not expected
to materially affect the earnings of KCB for the financial year
ending 31 May 2003 as it is expected to be completed only in
June 2003. However, the Proposed Acquisition of Amber and
Proposed Acquisition of CDM are expected to contribute
positively to the earnings of RBSB Group in the financial year
ending 31 March 2004 due to earnings contribution from the
Acquiree Companies.

9.3 NTA

The proforma effect of the Proposed Restructuring Scheme,
including the Proposed Acquisition of Amber and the Proposed
Acquisition of CDM on the latest audited NTA of KCB Group as at
31 May 2002 and the latest unaudited NTA of RBSB as at 30
September 2002 are as set out in the announcement dated 23
October 2002.

9.4 Shareholding structure

The effect of the Proposed Restructuring Scheme, including the
Proposed Acquisition of Amber and the Proposed Acquisition of
CDM on the shareholding structures of RBSB as at 30 September
2002 are as set out in the announcement dated 23 October 2002.


10. APPLICATION OF THE SC AND COMPLETION

The Proposed Acquisition of Amber and the Proposed Acquisition
of CDM form part of the Proposed Restructuring Scheme which
shall be submitted to the SC within one (1) month from the date
of this announcement.

The completion of the implementation of the Proposed
Restructuring Scheme is expected to require nine (9) months.


11. DEPARTURE FROM THE SC GUIDELINES

The terms of the Proposed Restructuring Scheme comply with the
requirements of the SC's Policies and Guidelines on Issue/Offer
of Securities and the SC's Guidelines on Offerings of Private
Debt Securities:-


12. INTEREST OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS AND
PERSON CONNECTED WITH THEM

None of the Directors and/or the substantial shareholders of KCB
and/or person connected to them have any interest, direct or
indirect, in the Proposed Acquisition of Amber and Proposed
Acquisition of CDM.


13. STATEMENT OF DIRECTORS

The Board of Directors of KCB, having taken into consideration
all aspects of the Proposed Acquisition of Amber and Proposed
Acquisition of CDM, which form part of the Proposed
Restructuring Scheme, is of the opinion that the Proposed
Restructuring Scheme is in the best interest of the KCB Group.

14. ADVISER

KCB has appointed PMBB as the adviser for the Proposed
Acquisition of Amber and Proposed Acquisition of CDM, which form
part of the Proposed Restructuring Scheme.


15. EXPLANATORY STATEMENT, CIRCULAR TO SHAREHOLDERS AND NOTICES
OF EXTRAORDINARY GENERAL MEETING ("EGM") AND COURT CONVENED
MEETING

As announced on 23 October 2002, an explanatory statement and
circular to the shareholders setting out the details of the
Proposed Restructuring Scheme together with the notices of EGM
and the court convened meeting will be dispatched to the
shareholders of KCB in due course.


16. DOCUMENT FOR INSPECTION

The following documents are available for inspection at the
registered office of KCB at 10th Floor (Right Wing), Menara
Kemayan, 160 Jalan Ampang, 50450 Kuala Lumpur during the normal
office hours from Monday to Friday (except public holidays) for
a period of 14 days commencing from the date of this
announcement:-

(i) SPA 1;

(ii) SPA 2; and

(iii) Valuation report dated 28 October 2002 from the
independent valuer, Messrs Konsortium Perunding Hartanah Sdn Bhd
on the valuation of the development project.


RHB CAPITAL: Completes Issuance of RHB Capital Bonds
----------------------------------------------------
We refer to our announcements dated March 20, 2002, July 24,
2002, October 10, 2002, October 18, 2002 and October 31, 2002 in
relation to the Proposed Group Restructuring Scheme.

AmMerchant Merchant Bank Berhad (formerly known as Arab-
Malaysian Merchant Bank Berhad) on behalf of RHB Capital, is
pleased to announce that RHB Capital has completed the issuance
of RM500 million in aggregate nominal value of redeemable
unsecured serial fixed rate bonds (RHB Capital Bonds).

As announced on July 24, 2002, the proceeds from the issuance of
the RHB Capital Bonds are proposed to be utilized as follows:

-- RM331.8 million to satisfy part of the RM4.00 cash
consideration for the RHB Sakura SOA;

-- RM150 million to redeem the existing RHB Capital RM150
million bonds which are due to mature on 31 May 2004; and

-- The balance of RM18.2 million for working capital purposes.

In addition, AmMerchant Bank wishes to announce that the
Ministry of Finance (MOF) has by its letter dated October 31,
2002 which was received Monday, approved the proposed transfer
of 100% equity interest in RHB Securities Sdn Bhd (formerly
known as Rashid Hussain Securities Sdn Bhd) (RHS) from RHB
Capital to RHB Sakura.  RHS is one of the securities business
entities comprised in the Proposed Transfer of Securities and
Securities Related Business Entities.  (This announcement is
dated 1 November 2002)


SISTEM TELEVISYEN: Keeps Positive Outlook Despite RM16 MM Loss
--------------------------------------------------------------
Struggling Sistem Televisyen Malaysia Bhd's (TV3) reported last
week net losses of RM16.89 million for the financial year ending
August 31, 2002, wider than last year's RM2.5 million loss.

According to The Edge Daily, the company attributes the losses
to a decline in other income, losses by subsidiaries and the
absence of one time gain on disposal of shares amounting to
RM20.1 million received a year ago.

Revenue amounted RM244.36 million compared to RM240.73 million a
year ago.  Pre-tax loss increased to RM7.13 million from RM1.88
million previously, the paper noted.  Loss per share was 9.92
sen from 1.47 sen a year ago.  TV3 has already accumulated
losses of RM530.89 million.

But despite the seemingly gloomy prospects ahead, the company
remains optimistic that its efforts to enhance operational
efficiency and profitability would improve its current
performance.  



=====================
P H I L I P P I N E S
=====================


BENPRES HOLDINGS: AIF Notice to Acquire Shares in Bayantel
----------------------------------------------------------
Benpres Holdings Corporation (BPC) received a letter from the
Asian Infrastructure Fund dated October 25, 2002 giving notice
that it is exercising its option to require BPC to acquire Class
A shares in Bayan Telecommunications Holdings Corporation.

Asian Infrastructure Fund is claiming a higher number of shares
and a higher purchase price than the US$45.4 M recognized by
Benpres Holdings in relation to this claim as disclosed in its
annual accounts for the year ended 31 December 2001.

For more information, go to


NATIONAL POWER: Cutting Cost by $350M
-------------------------------------
The National Power Corporation will cut costs by $350 million
this year to pay private power suppliers without borrowing more,
the Philippine Daily Inquirer and Bloomberg reported, citing
cited Acting President Roland Quilala.

The electricity generation and transmission company lost 17.5
billion pesos ($329 million) in the first seven months of this
year.

National Power last week hired Citigroup Inc. and three other
banks to arrange a $250 million, one-year loan. It will use the
money to cover operations and maturing debt before a planned
sale of $750 million of U.S. dollar and Japanese yen bonds.


NATIONAL POWER: Exchange Offer For Outstanding Bonds
----------------------------------------------------
National Power Corporation (NPC) announced Friday a forthcoming
exchange offer for its outstanding Yankee bonds.

The exchange offer is intended to provide for the assumption by
Power Sector Assets and Liabilities Management Corporation, a
Philippines government-owned corporation (PSALM) of NPC's
obligations under the Yankee bonds as part of NPC's
restructuring and privatization under the Electric Power
Industry Reform Act of 2001.

NPC will offer to exchange 9.625 percent New Guaranteed Bonds
Due 2028, 8.400 percent New Guaranteed Bonds Due 2016, and 7.875
percent New Guaranteed Bonds Due 2006 (the New Bonds) for
outstanding principal amounts of 9.625 percent Guaranteed Bonds
Due 2028, 8.400 percent Guaranteed Bonds Due 2016 and 7.875
percent Guaranteed Bonds Due 2006 (the Old Bonds), respectively.  
NPC will exchange $1,000 in principal amount of New Bonds for
each $1,000 in principal amount of the corresponding Old Bonds.  
The commencement and expiration dates of the exchange offer will
be announced in a subsequent press release or other public
announcement.

NPC will not receive any cash proceeds from the issuance of the
New Bonds.

NPC has designated Bear, Stearns & Co. Inc. as the sole dealer
manager for the exchange offer.  

Information regarding the exchange offer can be obtained by
calling Bear, Stearns & Co. Inc. at (877) 696-2327 inside the
U.S. and (212) 272-5112 outside the U.S. (Address: 383 Madison
Avenue, New York, New York 10179) D.F. King & Co., Inc., the
information agent at (888) 242-8154 inside the U.S. and (212)
269-5550 outside the U.S. (Address: 77 Water Street, New York,
New York 10005).  HSBC Bank USA (tel: (718) 488-4475, Address:
One Hanson Place, Lower Level, Brooklyn, New York 11243) has
been designated the exchange agent for the exchange offer.


PHILIPPINE LONG: FistPac Terminates MOA With Gokongwei Group
------------------------------------------------------------
First Pacific announced that the Gokongwei Group has terminated
the memorandum of agreement (MOA) that was signed on 4 June
2002, citing, among other matters, the expiration of the
exclusivity period on 30 September 2002 and difficulties
encountered by First Pacific in attempting to implement the
transaction (including the resistance of the current management
of both Philippine Long Distance Telephone (PLDT) and Metro
Pacific Corporation (MPC)/Bonifacio Land Corporation (BLC)).  
Having regard to the nature and terms of the MOA, First Pacific
has accepted the termination of the MOA by the Gokongwei Group
and, accordingly, the transactions contemplated by the MOA will
not now proceed.

Following the termination of the MOA, all obligations under the
MOA have ceased and it is not anticipated that there will be any
further liabilities or obligations other than continuing
obligations of confidentiality.

First Pacific continues to review its strategic options in
relation to its Philippine investments, although no negotiations
or discussions in relation to a specific transaction are
currently ongoing. First Pacific will make such further
announcements as may be appropriate in the event that there are
future material developments in relation to its Philippine
investments, the termination of the MOA or the impact of such
termination on First Pacific.

Background

On June 5, 2002, First Pacific announced that it had entered
into a MOA with the Gokongwei Group for the establishment of
joint venture arrangements in relation to the First Pacific
Group's interest in PLDT and part of the First Pacific Group's
interest in BLC.  All previous announcements relating to this
transaction are available under the 'News & Press Releases'
section of First Pacific's website at www.firstpacco.com.

The First Pacific Group (through its Philippine affiliates) has
aggregate attributable direct and indirect economic interests of
24.4 percent of the issued common stock of PLDT (conferring
voting rights of approximately 31.5 percent of the outstanding
voting share capital of PLDT) and 80.6 percent of MPC.  MPC, in
turn, has a controlling 72.9 percent shareholding in BLC, of
which 50.4 percent of the outstanding common stock of BLC is
subject to a pledge in favour of Larouge BV (Larouge), a wholly
owned subsidiary of First Pacific, to secure a loan advanced by
Larouge to MPC in April 2001 in the principal amount of US$90
million.

For further information, please contact:

First Pacific Company Limited
Rebecca Brown Tel:  (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung Tel:  (852) 2842 4336
Assistant Vice President
Group Corporate Communications


PHILIPPINE LONG: PhilRatings Gives PRS 1 Rating to STCP's
---------------------------------------------------------
The rating for Philippine Long Distance Telephone Company's
(PLDT) 2.0 billion short-term commercial papers (STCPs) is PRS
1, PhilRatings reports. PRS 1 is the highest rating possible on
PhilRatings' short-term rating scale. A PRS 1 (Best Grade)
rating is defined as: "Strongest capability for timely payment
of debt instrument issue on both principal and interest. "  PLDT
will file an application to issue its STCPs with the Securities
and Exchange Commission (SEC) within November.

In assigning the rating, PhilRatings focused on the expected
improvement in cash flow generation that will result from
sustained earnings growth and a reduction in planned capital
spending going forward as the bulk of needed infrastructure has
already been put in place. PLDT continues to have a very strong
market position in the vital and growing telecommunications
sector. It has demonstrated its capability to compete in a
liberalized environment as shown by its present 63 percent share
of fixed-line subscribers and a 57 percent share in the fast-
growing wireless segment, through its holdings in SMART
Communications (SMART) and Piltel.

Recently, PLDT has put in place several credit facilities to
cover a significant portion of its debt that will mature in
2002-2004, addressing the issue of re-financing risk in a timely
manner. This likewise shows the Company's strong financial
flexibility even with its relatively significant debt level at
present. PLDT aims to reduce its debt in the next few years. In
addition, as a result of the completion of the debt
restructuring of Piltel in June 2001, PLDT's required support
for Piltel has been addressed and the market gains made by
Piltel from its "Talk `N Text" brand are expected to improve its
operating results moving forward.

The Company's consolidated earnings increased by 208 percent to
P3.4 billion in 2001 underpinned by strong revenue growth of
wireless subsidiary SMART coupled with PLDT's continuing cost
control initiatives.  SMART is expected to sustain a healthy
growth in cellular subscription and generate significant cash
flows even as the market is projected to be increasingly
competitive.


PHILIPPINE LONG: Clarifies Report to Sell 15% Stake in US Firm
--------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) responded to the
news article entitled "PLDT plans to sell 15 percent stake to US
Firm" published in the October 28, 2002 issue of the Philippine
Daily Inquirer.

The article reported that: "Philippine Long Distance Telephone
Co. Is working on a deal to sell a 15-percent stake to US-based
investment firm Newbridge Capital Inc. Through the issuance of
new shares, PLDT insiders said. The sources told the inquirer
that the Company's management led by President Manuel V.
Pangilinan was keen on taking in Newbridge Capital as a
financial partner to boost the Company's capital base, but
others said the plan was creating fireworks among key
shareholders. Other sources said the proposal to issue new
shares to Newbridge Capital was facing stiff opposition from
other key shareholders, particularly PLDT's controlling
stockholder First Pacific Co. Ltd. of Hong Kong and PLDT Chair
Antonio 'Tonyboy' Cojuangco as the move would dilute their
respective shareholdings.

The sources said Newbridge Capital was willing to buy PLDT
shares at $8.30 or P432 per share, representing a significant
premium over prevailing market prices. The sources said that
another investment group, Carlyle, was offering to buy into PLDT
at $6 per share.

"PLDT, in a letter dated October 28, 2002, stated that: " PLDT
has no plan to sell or issue new PLDT common shares to Newbridge
Capital, Inc. or any other investor."


PHILIPPINE LONG: Clarifies Predatory Pricing Report
---------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) responded to the
news article entitled "Internet firms accuse PLDT of predatory
pricing," published in the October 25, 2002 issue of the
Philippine Daily Inquirer.

The article reported that: "the Philippine Internet Services
Organization (PISO) has formally charged Philippine Long
Distance Telephone Co. Of engaging in predatory pricing and
denying Internet service providers access to its infrastructure.

In an eight-page complaint filed with the national
telecommunications commission yesterday, PISO accused PLDT of
charging independent ISPS higher monthly rates for its telephone
lines as compared with the rates it charged other business
customers.

"Philippine Long Distance Telephone Company (PLDT), in its
letter dated October 25, 2002, stated that:

"PLDT have not been served with a copy of the complaint
allegedly filed by the Philippine Internet Services Organization
(PISO) accusing PLDT of engaging in predatory pricing and
denying Internet service providers access to our infrastructure.
However, we wish to state that PLDT conducts its business in
faithful compliance with applicable laws, rules and regulations.
In particular, we procure all the requisite licenses or
authorizations for our telecommunications product and service
offerings from the national telecommunications commission (NTC)
and the rates we charge for our regulated services are within
the range approved by the NTC.

In fixing the rates for our deregulated services, we maintain a
balance between providing the public with the best possible
service at the best possible price, without any discrimination,
on one hand, and fostering free and fair competition, on the
other. It should be noted that leased line services are
available from a number of telecommunications companies and, as
such, the public as well as the Internet service providers are
free to choose the service provider which could best satisfy
their requirements. Therefore, we believe that we will be able
refute the reported allegations of wrongdoing in the appropriate
venue at the appropriate time."


PHILIPPINE LONG: Expects 3Q02 P1.52B Profit
-------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) expects third-
quarter profit to increase by half to 1.52 billion pesos as
prepaid service solely for text messages helped retained
subscribers, citing the average forecasts of five analysts
polled by Bloomberg News.

On November 4, PLDT shares fell 3 pesos, or 1.29 percent, to 230
pesos.

Bloomberg said PLDT must post annual profit of at least 4
billion pesos and operating cash flow of 40 billion pesos to
meet a management plan to repay debt with cash from operations,
citing James Lago, research head at Westlink Global Securities
Inc.


PHILIPPINE LONG: Files Dismissal Complaints Against FirstPac
------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) filed a dismissal
complaint against First Pacific, through SEC Form 17-C dated
October 28, 2002, as follows:

"PLDT filed a notice of dismissal of the complaint it filed with
United States southern district court of New York against First
Pacific Company limited and certain of its affiliates (the First
Pacific Group).

To compel the First Pacific Group to file an amended Schedule
13D attaching a copy of the memorandum of agreement between the
First Pacific Group, Gokongwei Group and JG Summit Holdings,
Inc. (the MOA) concerning the transfer of First Pacific Group's
interest in Philippine Long Distance Telephone Company. We
believed that the withholding of the MOA was in violation of
Section 13{D) of the United States Securities Exchange Act of
1934 and deprived the Company's shareholders of important and
legally required information upon which they could assess the
potential change in control transaction, the parties who seek to
control the Company, how the control will be exercised and other
material terms of the MOA.

The complaint we filed successfully resulted in the disclosure
of the moa on July 18, 2002. Without prejudice to the Company's
right to seek temporary or emergency relief, the time for First
Pacific Group to answer the complaint had been extended, with
the fifth extension ending on October 25, 2002. On October 2,
2002, First Pacific announced that the Gokongwei Group has
terminated the MOA and that it has accepted the termination;
accordingly, the transactions contemplated by the MOA will not
proceed. In view of said development, which makes the issues
raised in our complaint moot and academic for the time being,
the Company filed a notice of dismissal of the complaint,
without prejudice."



=================
S I N G A P O R E
=================


ASIA PULP: Export-Import Bank Joins Debt Plan
---------------------------------------------
US credit agency Export-Import Bank of the U.S., agreed to Pulp
& Paper Co.'s debt plan, even though it says APP is holding out
on creditors owed more than $13 billion, Bloomberg said on
Wednesday, citing James K. Hess, the bank's Chief Financial
Officer.

Asia Pulp stopped paying creditors in March 2001. The Company
was unable to service its debts because of the collapse of the
country's currency in 1997 and 1998. Indonesian companies owe
overseas creditors more than $60 billion, much of which soured
after the Asian crisis.


ISOFTEL LTD: Post Notice of Shareholder's Interest
--------------------------------------------------
Isoftel Limited posted a notice of changes in Director Au Sai
Chuen's interests:

Date of notice to Company: 31 Oct 2002
Date of change of interest: 31 Oct 2002
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations

Shares held in the name of registered holder
No. of shares of the change: 50,000
percent of issued share capital: 0.02
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.065
No. of shares held before change: 39,411,000
percent of issued share capital: 17.219
No. of shares held after change: 39,361,000
percent of issued share capital: 17.198

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                  Deemed     Direct
No. of shares held before change: 39,411,000 25,000
percent of issued share capital:        17.219     0.01
No. of shares held after change:  39,361,000 25,000
percent of issued share capital:        17.198     0.01
Total shares:                     17.198     0.01

Percentage of shareholding calculated based on 228,868,152
shares in issue as of October 31, 2002.


KIM ENG: Unit Enters Voluntary Liquidation
------------------------------------------
The Board of Directors of Kim Eng Ong Asia Holdings Ltd
announced that its dormant wholly-owned subsidiary, Ong Research
(Malaysia) Sdn. Bhd., has been placed in Members' Voluntary
Liquidation on October 29, 2002 and that Encik Mohd Anwar Yahya
and Yap Wai Fun of PricewaterhouseCoopers have been appointed
liquidators of the said subsidiary.

The voluntary liquidation of the said subsidiary will not have
any material effect on the net tangible assets and earnings per
share of the group.


PANPAC MEDIA.COM: Settles Equity Exchange Deal With CCC
-------------------------------------------------------
Panpac Media.com informed that the on-going negotiation between
Panpac Media.com Limited and China.com Corporation Ltd (CCC) to
settle the breach by CCC for the breach of the Equity Exchange
and Option Agreement (Agreement) dated December 9, 1999 entered
into between the Company and CCC, the Board of Directors of the
Company announced that there have been some developments since
then.

On September 23, 2002, the Company commenced an action in the
High Court of Singapore against CCC in respect of CCC's breach
of its obligations under the Agreement. CCC, in breach of the
Agreement, disposed of its entire shareholding in the Company
(which was in excess of 3 percent of the Company's then current
issued share capital) within a period of one month, between 13
November 2001 and 4 December 2001, without the Company's prior
consent.

The Company by reason of CCC's breach of the Agreement for the
loss and damage suffers the Company's claim against CCC.

On 8 October 2002, the Company successfully obtained leave of
the court to serve the Writ of Summons and the Statement of
Claim on CCC out of jurisdiction, namely at CCC's registered
office located in Hong Kong. The Writ of Summons and the
Statement of Claim is in the process of being served on CCC.

In a disclosure to the Singapore exchange, the company said it
would also cancel some SG$46.3 million in its share premium
account, which stands at $51.2 million following its acquisition
of Auston Technology Group.  No date was set for the capital
reduction, which will be done "as soon as practicable."

The company said the exercise was necessary to better reflect
the company's financial position and continuing operations;
allow it to pay dividends from future profits; and to implement
a share buy-back scheme at the appropriate time.


PRESSCRETE HOLDINGS: Discloses Debt Repayment Update
----------------------------------------------------
Presscrete Holdings Limited announced that the Group's bankers
(excluding those of Ceramic Technologies Pte Ltd) have not
demanded repayment of the Group's existing loans at short
notice.

The Company will make prompt disclosure as and when there are
further developments.

Presscrete Holdings Ltd posted a net loss of S$1.302 million in
the six months to May from 3.254 million a year earlier due to
lower interest charges arising from the deconsolidation of unit
Ceramic Technologies Pte Ltd's debts, TCR-AP reports.


L&M GROUP: EGM Set on November 22
---------------------------------
The Extraordinary General Meeting (EGM) of L&M Group Investments
Limited will be held at 28 Tuas Crescent Singapore 638719 on
November 22, 2002 at 11.00 a.m. for the purpose of considering,
and if thought fit, passing, with or without modifications, the
following resolution:

SPECIAL RESOLUTION

Capital Reduction

That pursuant to Article 51 of the Company's Articles of
Association and subject to the confirmation of the High Court of
the Republic of Singapore, S$48,818,035.62 of the capital of the
Company be canceled by a reduction of the issued and paid-up
capital of the Company from S$54,242,261.80 divided into
542,422,618 ordinary shares of S$0.10 each, to S$5,424,226.18
divided into 542,422,618 ordinary shares of S$0.01 each by the
cancellation of issued and paid-up capital lost or unrepresented
by available assets to the extent of S$0.09 for every issued
share.


TELEDATA LIMITED: Completes Rights Issue
----------------------------------------
The Board of Directors of Teledata (Singapore) Limited refers to
the rights issue of 320,000,000 new ordinary shares of S$0.05
each in the capital of the Company, which was completed on 3
October 2002 (the Rights Issue), and wishes to announce that out
of the net proceeds of the Rights Issue, a total of S$7.1
million has been used to repay the holders of the S$30.0 million
principal amount of 1.0 percent unsecured bonds issued by the
Company.

To date, the total repayment by the Company to the holders of
the Bonds is S$28.0 million. In accordance with the Debt
Restructure Agreement dated 21 May 2002 (as supplemented by the
Supplemental Agreement dated 31 July 2002) between the Company
and, inter alia, the holders of the Bonds, the residual S$2.0
million was converted into a term loan to be repaid over a
period of four years.

In addition, a total of S$3.0 million from the net proceeds of
the Rights Issue has been paid to The Standard Chartered Bank
(SCB) to reduce the Company's short-term loans with SCB and,
consequently, the Company's overall financing costs.



S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***